Financial Realities: Cryptocurrencies and Modern Investing in Canada
Welcome to Financial Realities: Cryptocurrencies and Modern Investing in Canada
11/01/2024
In Canada, purchasing and using cryptocurrency as a digital asset is legally permissible, although it doesn’t hold the status of legal tender. The Canada Revenue Agency (CRA) categorizes cryptocurrencies as commodities, and their platforms are predominantly regulated as money service businesses (MSBs) under provincial securities laws to ensure public protection. Since 2013, the Canadian Revenue Agency has imposed taxes on cryptocurrencies, and transactions involving digital assets are subject to the country’s tax regulations.
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Top Canadian Crypto Platforms for 2024 Explore the convenience of trading cryptocurrencies in Canada using the best apps and platforms from Bitbuy and Wealthsimple.